Elastic Line of Credit Review

Elastic Line of Credit is offered by Elevate Credit, a direct lender founded in 2014 and based in Ft. Worth, TX. It is made possible by a bank partnership with Republic Bank & Trust Company. Elastic Line of Credit is available in 39 states (and Washington, DC).

What APRs does Elastic Line of Credit offer?

Elastic Line of Credit offers a fee or charge based product that ranges from 137% APR.

Does Elastic line of credit charge an origination fee?

No, they do not charge an origination fee.

An origination fee is what some lenders charge for processing, underwriting, and funding a line of credit. These fees can range from 0.5% to 5% of the line of credit amount. Whenever possible, go with lenders that don’t charge origination fees.

Does the Elastic line of credit charge a cash advance fee?

Does the Elastic Line of Credit charge a statement balance fee?

Yes, Elastic Line of Credit can charge a statement balance fee of $5 to $175 each billing cycle. up to 175 each billing cycle.

Does Elastic Line of Credit charge a late fee?

How much can you borrow via Elastic line of credit?

Upon approval and based on your credit score, your personal line of credit will be assigned a credit limit of at least $500 and as much as $4,500. .

What do you need to qualify for Elastic Line of Credit?

Elastic Line of Credit does not have or does not disclose a minimum annual income eligibility requirement. Elastic Line of Credit only considers borrowers who are employed.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Elastic Line of Credit product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Elastic Line of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Applicants must have an active and valid personal checking account
• Proof of identity
• Proof of citizenship or residence permit
• Proof of residence

What is the estimated funding time for a personal line of credit?

Elastic line of credit will typically provide a credit approval decision in less than an hour and fund the line of credit within 1 business day.

Does Elastic Line of Credit report your account activity to credit bureaus?

Yes, Elastic Line of Credit reports your account activity to the following credit reporting agencies:

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply for Elastic line of credit

• Visit the website.
• Fill in the application form. You will typically need to provide general information such as your name, address, email address, Social Security Number, source of income and employment, and checking account information.
• Check the information is accurate and submit your application.